Financial Literacy - 5th grade

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What is Payroll Tax?

Back

The total tax an employer withholds from an employee's paycheck to pay to the government.

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What is Property Tax?

Back

A portion of the value of items like cars, houses, boats, or land that is charged as tax.

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What is Net Income?

Back

The amount of your income that is left after taxes are taken out.

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What is a Balanced Budget?

Back

A situation where expenses equal income.

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What is Income Tax?

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A tax based on the amount of money you earn on your income.

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What is a Budget?

Back

A plan that outlines expected income and expenses over a certain period.

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What is Savings?

Back

Money that is set aside for future use, often kept in a bank.

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What is Interest?

Back

The money paid regularly at a particular rate for the use of borrowed money.

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What is a Bank?

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A financial institution that accepts deposits from the public and provides loans.

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What is a Loan?

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Money that is borrowed and is expected to be paid back with interest.